Islamic finance grows despite global economic turmoil

According to a recent report from Swiss banking group Lombard Odier that surveyed more than 300 high net worth investors in the Middle East, attention to Islamic investments is growing fast. The survey shows that 61% of the respondents say their interest in Islamic assets has increased during the last year, while 39% are willing to invest further in sukuk (Islamic finance bonds).

The Islamic finance industry has experienced average annual growth of 11.7% over the past 10 years, and in 2021 the industry's global assets exceeded the value of $2 trillion. "Sharia-compliant investments are an established branch of the broader global market. The Middle East — particularly the GCC [Gulf Cooperation Council] — and South Asia regions have played an essential role in the sector's development," said Edana Richardson, assistant professor at the School of Law and Criminology at Maynooth University, Ireland.